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Cable Update (GBPUSD)

  • #112,381
  • Jan 18, 2009 3:32pm Jan 18, 2009 3:32pm
UK: banks to get more cash if they pass it on

Britain's treasury chief says British banks can only expect to receive funds in a second round of bailouts if they pledge to pass the money on to borrowers
  • #112,382
  • Jan 18, 2009 3:36pm Jan 18, 2009 3:36pm
Quoting golatigo
pretty close to what i'm seeing, though i don't see it getting to
5170ish before heading south -- 100 pip gap may be to big to fill fyi

hell of a game on tv right now
a pull backs are to be expeted, if there is to be a ew structure, and the previous High on H1 TF is a possible scenario for the pullback.
Make sure losses are small and profits are bigger!
  • #112,383
  • Jan 18, 2009 3:38pm Jan 18, 2009 3:38pm
Quoting mangZX7L
thanks dude..well,im learning from u guys...and for me..even though forex is not for everyone..but once u r in...there's no way out lol
As you say, once your hooked your hooked. As long as your able to withdraw from your account once in a while instead of making one deposit after another then your on the right road. If you havnt done so already check out the link below. Its a thread started my eohater who is one cool dude of a trader on this thread. Theres a lot to learn there Also pay a lot of attention to Infinity, whos equally cool.

http://www.forexfactory.com/showthread.php?t=121761
  • #112,384
  • Jan 18, 2009 3:42pm Jan 18, 2009 3:42pm
Quoting Chris_35
As you say, once your hooked your hooked. As long as your able to withdraw from your account once in a while instead of making one deposit after another then your on the right road. If you havnt done so already check out the link below. Its a thread started my eohater who is one cool dude of a trader on this thread. Theres a lot to learn there

http://www.forexfactory.com/showthread.php?t=121761
thanks mate...will go n do the reading...btw..waiting for the HPI...
money is for living
  • #112,385
  • Edited Jan 19, 2009 1:51am Jan 18, 2009 3:55pm | Edited Jan 19, 2009 1:51am
Price action for at least the past half year on the GBP/USD (a daily chart of which is shown) has been characterized by relatively large chart pattern breaks. Currently, price is continuing within a prolonged descending wedge pattern consolidation that has been in place for the last three months. Thurs and Fri of last week have seen the pair rise moderately within this wedge formation, targeting resistance at the top border of the wedge. At the current juncture, the dynamic resistance offered by the top wedge border resides around the 1.5150 region. Any strong breakout above wedge resistance would lend considerable strength to the view that a base has been formed and a potential bullish trend-reversal could be in the making. In the event of this breakout, further key resistance above resides in the region of 1.5350.

( www.fxstreet.com )
Attached Image (click to enlarge)
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Probability Professor
  • #112,386
  • Jan 18, 2009 4:03pm Jan 18, 2009 4:03pm
Quoting Galation
Price action for at least the past half year on the GBP/USD (a daily chart of which is shown) has been characterized by relatively large chart pattern breaks. Currently, price is continuing within a prolonged descending wedge pattern consolidation that has been in place for the last three months. Thurs and Fri of last week have seen the pair rise moderately within this wedge formation, targeting resistance at the top border of the wedge. At the current juncture, the dynamic resistance offered by the top wedge border resides around the 1.5150 region....
Great stuff - with u 100% and i'll be waiting for cable to show its hand on this current action ...
  • #112,387
  • Jan 18, 2009 4:09pm Jan 18, 2009 4:09pm
I hope, from personal reasoning, the GBP gains strength against the USD. I put in a forward purchase order when it was at 1.86 to buy a large amount at 1.89. It only reached 1.885 then dropped, and still I have no forward purchase: which is foolishness. Utter foolishness.
Probability Professor
  • #112,388
  • Jan 18, 2009 4:12pm Jan 18, 2009 4:12pm
Hope all you guys pick up plenty of pips. I'm off for some shut eye and will be back an hour or so before UK open. Good luck.
  • #112,389
  • Jan 18, 2009 4:16pm Jan 18, 2009 4:16pm
Quoting pipmyride
Great stuff - with u 100% and i'll be waiting for cable to show its hand on this current action ...
Nice one. I'm off to beddy byes now. Happy pipping!
Probability Professor
  • #112,390
  • Jan 18, 2009 4:19pm Jan 18, 2009 4:19pm
Quoting Galation
Higher probability to test 1.4900 and if breaks through that, test 1.5000.
I'll enter short if it breaks 1.5000
  • #112,391
  • Jan 18, 2009 4:22pm Jan 18, 2009 4:22pm
Quoting Galation
Price action for at least the past half year on the GBP/USD (a daily chart of which is shown) has been characterized by relatively large chart pattern breaks....
Thx for your insight!
Keep on!

--------

Am I the only one thinking the gap will be fill?!
  • #112,392
  • Jan 18, 2009 4:29pm Jan 18, 2009 4:29pm
Quoting Galation
Price action for at least the past half year on the GBP/USD (a daily chart of which is shown) has been characterized by relatively large chart pattern breaks. Currently, price is continuing within a prolonged descending wedge pattern consolidation that has been in place for the last three months. Thurs and Fri of last week have seen the pair rise moderately within this wedge formation, targeting resistance at the top border of the wedge. At the current juncture, the dynamic resistance offered by the top wedge border resides around the 1.5150 region....

You forgot to mention where you COPIED this information from!!!
  • #112,393
  • Jan 18, 2009 4:56pm Jan 18, 2009 4:56pm
I'm too if it break the open at 1.4828 good chance we will fill the gap
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  • #112,394
  • Jan 18, 2009 5:01pm Jan 18, 2009 5:01pm
Next resistance 1.4800 wich is the weekly pivot and also double 00 number.
  • #112,395
  • Jan 18, 2009 5:03pm Jan 18, 2009 5:03pm
Quoting Inzider
Am I the only one thinking the gap will be fill?!
Never mind , 50 pips in to start the week,

Quoting Lejumeau
I Help people, I buy when they sell and I sell when they buy

http://www.forexfactory.com/images/buttons/quote.gif

Nice signature by the way! I'll keep my trade secrets then, hehe!
So you are like my broker...?

------------

look like 25 will hold let's see
  • #112,396
  • Jan 18, 2009 5:13pm Jan 18, 2009 5:13pm
securing 40 pips because of mr bear...he's so generous lol....waiting for some good entry...IMO..if breaks 48 double o...we're going down lol..anyway,its my opinion..trade at your own risk...im no match compared to all the old timer here...wanna take some morning nap first..see ya all later...heppy green pippin!!
money is for living
  • #112,397
  • Jan 18, 2009 5:15pm Jan 18, 2009 5:15pm
Quoting Inzider
Never mind , 50 pips in to start the week,


Nice signature by the way! I'll keep my trade secrets then, hehe!
Actualy it is not from me it is from an old successful trader that made millions on the stock market ant that was is quote and is way of trading. and when you realy think about this saying and understand it, you just learn one of the biggest lesson you could learn on market trading.

  • #112,398
  • Jan 18, 2009 5:23pm Jan 18, 2009 5:23pm
Touchdown at 1.48 I'm out 77pip start for the week that is excellent for a sunday nigth can not ask more then that ...

  • #112,399
  • Jan 18, 2009 5:29pm Jan 18, 2009 5:29pm
Where in Canada are you from Inzider,

I'm from Québec.
  • #112,400
  • Jan 18, 2009 5:30pm Jan 18, 2009 5:30pm
Quoting Lejumeau
Actualy it is not from me it is from an old successful trader that made millions on the stock market ant that was is quote and is way of trading. and when you realy think about this saying and understand it, you just learn one of the biggest lesson you could learn on market trading.

Sure, so much!!

2 bigs mistake of newbs:
-buying after a rally, selling after a sell off
-buying near a resistance - selling near a support

Reading around help to fall on those ints!
Attached File(s)
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